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Patris Daily - 9 July 2018 part 2

9 Jul 2018

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OUR TAKE ON THE LATEST MACRO DATA:

Germany: May Industrial Production

Total German industrial production (i.e. including construction) came out well above market expectations in May, increasing by 2.6% y/y (vs. consensus +0.3% m/m), more than fully offsetting the 1.3% m/m decline recorded in April. The y/y rate of change jumped from 1.4% y/y in April to 3.1% y/y in May (vs. consensus 1.5% y/y). The 3M/3M rate of change improved from -1.2% in April to +0.3% in May. Manufacturing & mining production rose 2.7% m/m in May, following the 1.6% m/m fall posted in the month before. May has continued the run of highly volatile monthly readings.

The sharp increase in IP output in May was driven by a 6.5% m/m rise in consumer goods, a 3.0% m/m increase in intermediate goods and a 3.1% m/m increase in construction (which leaves this sector on track for a strong gain over the quarter). In a less positive note, capital goods rose 0.9% m/m, after a 1.4% decline in April.

Assuming a flat reading in June, industrial production would rise 0.8% q/q in 2Q18, following +0.1% q/q in 1Q18 and +0.8% q/q in 4Q17, while manufacturing & mining output would increase by 0.6% q/q in 2Q18, following +0.1% in 1Q18 and +0.9% q/q in 4Q17. Therefore, despite the improvement in the May report, the manufacturing sector in Germany continues to show a weaker evolution when compared to last year.

GLOBAL HIGHLIGHTS:

Galp Energia: Galp informed that the consortium it is part of in Area 4 offshore Mozambique has submitted to the Mozambican government the development plan for the first phase of the Rovuma LNG project, which will produce, liquefy and market natural gas from the large Mamba fields (Galp Energia’s filing on CMVM)

ACS: ACS and Fluor were awarded a contract to build and operate a bridge between Detroit and Windsor, estimated at 2.6 billion euros (Bloomberg)

Iberdrola: The Company was awarded a contract for a 16MW wind farm in Greece. The project is set to start operating between 2020 and 2021 (Bloomberg)

Duro Felguera: the company said that METCO, ACEC, TSK have shown interested in subscribing shares equivalent to 25% of the Company´s equity resulting from a capital increase (Bloomberg)

OHL: The Company has agreed to sell its Czech unit ZPSV to German group Leonhard Moll Betonwerke for about 44 million euros (Bloomberg)

Altice: According to TMT Finance, the company is considering selling its Portuguese unit (Bloomberg)

Altice: The Portuguese unit of Altice is working with Huawei to make Portugal a leader within Europe in the development and roll-out of next-generation 5G networks (Reuters)

Unicredit: The Italian lender is exploring the sale of its Austrian card issuer Card Complete Service Bank (Bloomberg)

WHAT TO WATCH TODAY: The Sentix Investor confidence will be released in the Eurozone for the month of July. Mario Draghi will speak to the European Parliament in Brussels (at 14:00).

The inflation data will be released in Mexico for June. In Chile we will get the trade balance for the same month.

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